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2025-10-31 23:43:48
[Sources say OPEC+ may agree to a slight increase of 137,000 barrels per day in December] Three sources familiar with the matter said that OPEC+ is expected to agree on Sunday to slightly increase its oil production target again in December. Amid predictions of a potential supply glut next year, the organization is slowing its previous production increases aimed at regaining market share. Since April, OPEC+ has raised its production target by more than 2.7 million barrels per day, equivalent to about 2.5% of global supply. However, due to market concerns about oversupply, the increase in October and November slowed to 137,000 barrels per day. New Western sanctions against Russia have also challenged negotiations, making it difficult for Moscow to further increase production. The three sources said that eight OPEC+ members, including Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Kazakhstan, and Algeria, are expected to agree on Sunday to increase production by another 137,000 barrels per day in December. Another source indicated that a pause in the production increase is also possible.
